Read 10 answers for setting up a company in Cyprus:
1.Why should I set up a company in Cyprus?
The absence of bureaucratic obstacles in the company formation process, the low tax rate 12.5% make it ideal for any business activity, combined with a secure banking system that is friendly to capital movement, makes it a particularly attractive destination for foreign investment. In addition, the country's global profile and the additional incentives for any foreign company to establish a company have created a climate of positivity and continuous growth, allowing flexibility in the management of companies with low accounting costs.
The common language also facilitates your communication during the process of setting up your company and your dealings with Public Services, Banks, Organisations etc.
2.Can I buy property in Cyprus?
The purchase of real estate (industrial parks, shopping centers, offices, shops, etc.) is at preferential prices, but is carried out only in the name of your Cypriot company. However, From finding the right area to finding the property that is financially suitable, it takes study, time, and experience to help identify those elements that someone without expertise would not notice.
3.The entrepreneur is insured by a compulsory insurance provider in Cyprus
If you are a company manager, you are insured in Cyprus and exempt from your insurance company (EFKA) in Greece if you run a business. But the opposite can also happen.
4.I have a business in Greece and I want to open a business in Cyprus, can I choose in which of the two countries I will be insured?
You can choose whether you will be insured in Greece or Cyprus and pay the corresponding contributions, based on the relevant insurance legislation from the EU.
5. If I buy products from Greek companies for my Cypriot company, will I pay VAT?
As long as the Greek company from which you buy the products has the right of intra-community transactions, it is exempt from paying VAT.
6.If I issue an invoice from my Cypriot company to a Greek company, will the customer pay VAT?
As long as the customer's company has the right of intra-community transactions, neither you nor the customer will pay VAT.
7.How can I set up a company in Cyprus?
The registration of a new company in Cyprus it starts with choosing the most appropriate legal form and signing the deed of incorporation. We recommend that the Cyprus Company take the form of a Private Limited Liability Company and its formation requires the following:
8.Name of the Company, founding document and Articles of Association of the Company: The first stage is the selection of the name and its approval by the Cyprus Registrar of Companies Department. The name can be in Greek or in English with the word Limited at the end. After the approval of the name, the Company's Memorandum and Articles of Association are drafted and filed by the lawyer with the Registrar of Companies Department.
9.Shareholders, Directors and Secretary: Each company is required to appoint at least one shareholder on a county-by-county basis. The shareholder may be a natural or legal person. If the shareholder wishes to remain anonymous, this can be done through the trustee and nominee services. A Cyprus company at its formation and during its lifetime must have at least one director and one secretary. In order for the company to be considered a Cyprus tax resident and to receive all the benefits, the majority of the directors must be Cyprus tax residents. This can be done through the administrative services.
Upon incorporation of the company, the owners of the company are provided with the following:
- Certificate of Incorporation
- Certificate of Directors and Secretary
- Certificate of Registered Office
- Certificate of shares
- Articles of Incorporation and Articles of Association of the Company
10.Annual Liabilities of the Company
The company must, if it keeps accounting books in accordance with International Accounting Standards, submit audited financial statements to the Income Tax, register the audited accounts with the Registrar of Companies and pay the Department of the Registrar of Companies the fee of €350 every year.
We as EPIDOSIS
Our company has offices in Nicosia, the capital of Cyprus. In this way, EPIDOSIS is able to serve immediately and quickly any need that arises for your Cypriot company. The only thing left is to call our company's offices in Athens and Thessaloniki immediately, and book a meeting with the specialized consultants of our company.
- Incorporation - Establishment of a Company in Cyprus
- Ready Made Companies (RMC) at Cyprus
- Foreign Branch based in Cyprus
Contact directly with the experienced team of EPIDOSIS at 2310 477725 & 210 726 4080 or make an appointment below.